I’m hunting for cheap stocks to buy for my ISA, and the following three jumped out at me. All of them face challenges, but could they bounce back at speed in 2026?

Bunzl could rebound

The first is outsourcing and distribution group Bunzl (LSE: BNZL). I’ve put my money where my mouth is here, buying it three times since it issued a profit warning last April.

The Bunzl share price has had a torrid time, falling 40% in the last year. I’ve averaged down each time it dropped. With the price-to-earnings (P/E) ratio falling to a modest 10.7, I’m tempted to buy even more.

Bunzl has been hit by tough trading conditions in the US, and its shares are unlikely to fire up until the global economy does. Revenue growth is forecast to be modest at 2% to 3% in 2026, so patience is required.

However, I think the case is compelling for those seeking both growth and income, Bunzl has increased its dividend every year for more than three decades. Its falling share price has pushed the trailing yield to 3.55%. One to consider, but with a long-term view.

JD Sports offers insane value

If Bunzl seems cheap, JD Sports Fashion (LSE: JD) is even more striking. The sports and athleisurewear maker trades on a P/E of just 6.6, barely a third of the FTSE 100 average of around 18.

The cost-of-living crisis has hammered JD Sports. Its shares are down 50% over five years, although the pace of descent slowed to just 2% in the last 12 months.

Like-for-like sales fell 1.8% over Christmas, with the UK down 5.3% and Europe down 3.4%. Fortunately, that was partially offset by a 1.5% rise in US sales. The board is now planning a marketing push in America to capitalise on that growth.

Problems at key partner Nike, which account for 45% of sales, continue but there have been signs of easing lately. A long-term risk is that Nike chooses a more direct route to market, which would hit JD hard, but I suspect it has more pressing priorities today.

Today’s rock-bottom valuation suggests JD Sports has significant potential once trading conditions improve. I’ve bought this one four times and while I’m sitting on a 20% loss, I’m confident that one day this one will turn. Worth considering but again, patience is essential.

easyJet idles on the runway

Budget carrier easyJet (LSE: EZJ) is almost as cheap, with a P/E of 7.3. Its shares are down 5% in the last year and almost 30% over five. The cost-of-living squeeze in the UK and Europe has squeezed demand, leaving easyJet trailing peers such as International Consolidated Airlines Group, which benefits from transatlantic exposure through British Airways.

The market seems a little harsh here. In November, easyJet reported an 18% rise in 12-month headline operating profit to £703m, beating forecasts of £669m. Its Holidays division is performing well too. It didn’t help.

Airlines remain a fundamentally risky sector, as fuel prices, bad weather, strike action, climate change and geopolitical uncertainty can all hit profits. But if conditions and investor sentiment improve, easyJet could soar from today’s low base and I also think it’s worth considering. Again, bargain hunters need to take a long-term view.